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CAF will grant Panama $ 250 million loan to improve financial management

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  • Wed, 11/08/2017 - 11:46
The money will serve the Program of Support Modernization and Transparency of the State’s Financial Management, intended to promote the increase in the productivity of the governmental action, based on the improvement of efficiency and transparency of state entities
  • Panamá América

The Board of the Development Bank of Latin America-CAF approved a $250 million loan for Panama, which will be allocated to a program to modernize and improve transparency of the country's financial system, the regional agency reported today.

The money will serve the Program of Support Modernization and Transparency of the State’s Financial Management, intended to promote the increase in the productivity of the governmental action, based on the improvement of efficiency and transparency of state entities, according to a statement by the multilateral agency.

The Ministry of Economy and Finance of Panama, which will be the executing agency of the loan, will be able to modernize its processes to effectively use the resources available for the development of economic policy initiatives, public investment programs and social strategy.

"For CAF it is a satisfaction to support the State’s modernization process with transparent and intact management, through the use of technologies and tools for information access and the strengthening of institutional capacities for project management of Public-Private Partnerships (APP)," said the CEO of CAF Luis Carranza.

In the last five years, CAF has approved Panama credit operations for $ 2,074 million, which represents an annual average of 415 million approvals. During this period, disbursements amounted to 1,380 million, which represented an annual average of $ 276 million.

CAF acts as "a development bank of Latin America, which has the mission, according to its statutes, of "stimulating sustainable development and regional integration, by financing projects in the public and private sectors, and providing technical cooperation and other specialized services".

The credit institution was created in 1970 and is currently owned by 19 countries in Latin America, the Caribbean and Europe, as well as 13 private banks.

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